Wealthiest+Private+Colleges+Are+Slow+to+Open+Purses+to+Hometowns+-+Bloomberg

Wealthiest+Private+Colleges+Are+Slow+to+Open+Purses+to+Hometowns+-+Bloomberg

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11/26/16, 4(02 PM Wealthiest Private Colleges Are Slow to Open Purses to Hometowns - Bloomberg Page 1 of 5 http://www.bloomberg.com/news/articles/2016-08-22/wealthiest-private-colleges-are-slow-to-open-purses-to-hometowns Some Rich Colleges Aren't Sharing With the Locals Of the 28 richest schools, only 11 gave cash with no strings attached to their municipality last year. QUICKTAKE University Endowments Free art walks and lectures aren’t cutting it anymore. With U.S. university endowments at record values, the public’s enchantment with the small perks that tax-exempt private schools provide to their hometowns has faded. Two dozen New Jersey residents grew so frustrated that earlier this year they joined a lawsuit challenging Princeton University’s property-tax exemption, with one plaintiff calling the state’s only Ivy League school a “hedge fund that conducts classes.” Of 28 private universities with endowments valued at more than $2 billion, just 11 reported giving any unrestricted money—cash
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